Komerční banka, a.s. (hereinafter also “KB”) creates and disseminates comments and marketing documents that do not comply with the definitions of an investment recommendation and/or an analysis of investment opportunities (hereinafter also jointly referred to as the “materials”).
Materials are not intended for retail clients but for qualified institutional or professional clients only. Materials have not been prepared in accordance with regulatory requirements designed to promote the independence of investment research and are not products of KB’s Economic and Strategy Research department (“ESR”). Materials may contain market information, trading strategy, trade ideas and/or information about KB Institutional Sales products or services.
The contents of materials are given for purely indicative purposes and have no contractual value. This material does not constitute an offer, or an invitation to make an offer, from KB to purchase or sell a product.
The financial instruments referred to in materials may not be eligible for sale in all jurisdictions and/or may be subject to certain investor qualification requirements in a number of jurisdictions.
Materials may include general investment recommendations issued by KB’s ESR which has set, in accordance with applicable regulation, effective administrative and organizational arrangements, including information Chinese walls, to prevent and avoid conflicts of interest with respect to the investment recommendations contained in this material. KB’s ESR department publications supporting this material were issued on their stated publication date and may have already been acted upon by clients of KB.
KB, AS AN INVESTMENT SERVICES PROVIDER, IS NOT SUBJECT TO ANY PROHIBITION ON DEALING IN THE PRODUCTS MENTIONED HEREIN BEFORE THE DISSEMINATION OF THIS MATERIAL.
KB along with its affiliates and/or persons associated with any of them may from time to time deal in, profit from the trading of, hold, or act as market-makers or as advisers, brokers or bankers in relation to, the products (or derivatives thereof) of entities mentioned in this material. KB employees, or individuals connected to them, may from time to time have a position in or hold any of the products or related investments mentioned in this material. KB is under no obligation to disclose or take account of these materials when advising or dealing with or for its clients
The accuracy, completeness or relevance of the information which has been drawn from external sources is not guaranteed although it is drawn from sources reasonably believed to be reliable. Subject to any applicable law, KB shall not assume any liability in this respect. The market information displayed in materials ares based on data at a given moment and may change from time to time.
Materials and its contents is not designed for persons with permanent residence or seat in the United States of America and to persons who are deemed as “U.S. persons”, as defined in Regulation S under the US Securities Act of 1933, as amended.